5 Tax Tips to Consider Before the Year Ends

Article Topics

Share

But you can make the next tax season a lot easier by spending a little extra time on your money before this year ends.

Look for ways to tighten up your tax situation in the following areas.

Charitable giving

Keep your receipts and add them up. You can take deductions on donations to charities and churches. If you donate items to organizations like Goodwill, be sure to itemize and keep track of what you’ve given. You’ll need to make sure that’s done by the end of 2015 if you want to see the benefits next year.

Marriage

If you got married this year and your name changed, make sure the IRS knows about your new legal name. That way, you don’t have any issues when it comes time to file in the spring.

Housing

Did you buy a house in 2015? Awesome! Go ahead and make sure you have all the information you need to claim deductions in the spring, like mortgage interest, property taxes and PMI (private mortgage insurance).

Kids

Did you have kids this year? Congratulations! Me too! And guess what? Those little ones are a nice little tax credit. Don’t forget to claim them when you file in the spring.

Health Insurance

Every filer has to fill out a 1095C to prove they have health coverage. If you receive health insurance through your employer, they’ll take care of that for you. But, if not, you’ll need to have that form filled out before April 15.